Deribit Ends Daily Proof of Reserves After Moving 90 Percent of Client Assets to Coinbase

Deribit, the derivatives exchange Coinbase acquired in August 2025, will stop publishing its daily proof-of-reserves page on September 1. The exchange attributes the change to wallet-infrastructure work tied to its integration with Coinbase, and says roughly 90 percent of client assets now sit with Coinbase as custodian. Deribit states that client assets remain segregated, that the one-to-one reserve ratio stands, and that independent proof-of-reserves audits will continue twice a year.

What disappears is not the assurance itself but who performs it. The daily page carried a Merkle-tree check, a cryptographic structure that let an individual client verify that their own balance was counted in the published total without seeing anyone else's. That check is done by the user. An audit is done by a firm, and the client reads the conclusion. CryptoSlate notes that what remains is reporting to Dubai's Virtual Assets Regulatory Authority (VARA) and audited material that is less public than the daily file.

Deribit's own framing is that daily publication always went beyond its regulatory obligations, which is accurate. Proof of reserves spread after 2022 as a voluntary industry response to exchange failures, and it was never mandated. Its weaknesses were known from the start, since a reserves snapshot shows assets without showing liabilities or borrowed inventory. It still gave each user something no attestation gives them, which is a check they can run themselves.

The trend is consistent. Client assets are concentrating with a small number of regulated custodians, and verification is moving from continuous and public to periodic and intermediated. For anyone who came to this market because settlement could be verified rather than trusted, the tradeoff is explicit: stronger regulatory supervision in exchange for weaker independent verification.